I don't disagree. However, if we change nothing, one likely alternative outcome is planet of 100 trillionaires, 10000 concubines, and an ever-shrinking ghetto of scavenging paupers. The solution is to turn the un-meritocratic nature of this particular bit of technical change against it.

As the value of labor plummets, more GDP will accrue to capital. But to whose, exactly? Let's categorize individual investing performance as a function of luck, corruption and skill. Only skill is meritocratic, and there is no good reason to reward the other two. Things have trended away from skill in recent decades.

As AI automation progresses, it provides more of the skill. Eventually all investing decisions will be AI-based, democratizing the process but effectively leaving luck and corruption in control of who wins.

At that point, there's just no good reason to reward individual investment performance. Since luck averages out, corruption will largely determine who the 100 trillionaires are.

The solution is to tax away the portion of investment returns that are not based on skill, which will trend towards 100%.